Nine Nigerian Banks Make World Top Banks

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The just concluded consolidation exercise in the Nigerian banking sector has again reaped another benefit as nine Nigerian banks have made it into the listing of Top 1000 World Banks, up from four in 2005.

Indication also emerged at the weekend that the Central Bank of Nigeria (CBN) may drag the Revenue Mobilisation, Allocation and Fiscal Commission (RMAFC) to court over claims on withdrawals from the foreign reserves.

The Banker Magazine, an arm of the Financial Times Group weekend released its world renowned Top 1000 World Banks ranking for 2006 and on the list were First Bank, Union Bank, Zenith Interna-tional Bank, IBTC Chartered Bank, Intercontinental Bank, Spring Bank, GT Bank, First Inland and Oceanic Bank.

According to the magazine, the rise in the number of Nigerian banks in this global 1,000 listing is "due to the consolidation that has taken place in the banking sector in Nigeria since 1st January 2006 and the creation of larger banking institutions with a minimum capital requirement of N25 billion".

In the order of ranking First Bank topped the Nigerian banks with 784 position and closely followed by Union Bank ranked 797. Others are Zenith Bank 857, IBTC Chartered Bank 863, Intercontinental Bank 877, Spring Bank 888, GT Bank 918, First Inland 975 and Oceanic Bank 995.

The magazine noted that this year banks from around the world needed $216m of Tier 1 Capital to make it into our Top 1000 ranking and figures are either used from annual reports or from a returned questionaire.

However, it said 2007 should provide a more complete picture of which Nigerian banks make it into the Top 1000 as year-end figures become available for the newly consolidated banks. Overall, it added that the increase represents a positive outlook for the Nigerian banking sector with larger banks providing a better platform for economic development.

THISDAY